As reverse mortgages gain popularity among seniors seeking financial flexibility, the risk of scams also increases. Thus, awareness is crucial to protect yourself and your loved ones from falling victim to fraudulent schemes. In this blog, we’ll explore valuable resources designed to raise awareness and combat reverse mortgage scams.
- Federal Trade Commission (FTC): The FTC is a reliable source for information on various scams, including those related to reverse mortgages. Hence, their website provides educational materials, alerts, and resources to help you recognize and avoid scams targeting seniors.
- Consumer Financial Protection Bureau (CFPB): The CFPB offers a dedicated section on its website to educate consumers about reverse mortgages and potential scams. Thus, access their resources to stay informed about common red flags and steps to take if you suspect fraudulent activity.
- National Council on Aging (NCOA): The NCOA provides educational resources and tools to help seniors make informed decisions about their financial well-being. Hence, explore their website for insights into recognizing and avoiding scams related to reverse mortgages.
- Department of Housing and Urban Development (HUD): HUD oversees the Home Equity Conversion Mortgage (HECM) program, the most common type of reverse mortgage. Thus, their website offers comprehensive information on HECMs, including guidance on identifying and reporting scams.
- AARP Fraud Watch Network: AARP’s Fraud Watch Network is a valuable resource for staying informed about scams targeting older adults. Generally, they provide tips, articles, and a helpline to report suspicious activity related to reverse mortgages and other financial schemes.
- Local Senior Services Organizations: Many local senior services organizations offer workshops and educational events on financial safety, including the risks associated with reverse mortgage scams. Check with local community centers or senior centers for upcoming events.
- State Attorney General’s Office: Your state’s Attorney General’s office can be a helpful resource in combating scams. They often provide information on common scams, including those related to reverse mortgages, and offer avenues for reporting fraudulent activities.
- Financial Advisors and Counselors: Consulting with a reputable financial advisor or counselor can be an excellent proactive measure. They can provide personalized advice, help you navigate the complexities of reverse mortgages, and guide you away from potential scams.
Defending against reverse mortgage scams begins with awareness. Empower yourself by using resources from reputable organizations. Recognize red flags, take proactive steps, and safeguard your financial well-being. Stay informed, stay vigilant, and protect yourself from scams in the realm of reverse mortgages.